KARACH: The Saudi Fund for Development (SFD) on behalf of Saudi Arabia has extended the term for the deposit of $3 billion maturing on 5 December 2024 for another year.
The announcement was made by State Bank of Pakistan (SBP) as the South Asian country is making efforts to revive the economy.
“The said amount has been placed with State Bank of Pakistan (SBP) on behalf of Islamic Republic of Pakistan,” read the official statement.
The extension of the term of the deposit is continuation of the support provided by Saudi Arabia to Pakistan, which will help in strengthening the foreign exchange reserves of Pakistan and contribute to the country’s economic growth and development.
It is worth noting that the $3 billion deposit agreement was initially signed with SFD in the year 2021 and subsequently rolled over in 2022 and 2023, after the issuance of the royal directives that reflect the continuation of the close relationship between the two brotherly countries.
The rollover comes a day after Prime Minister Shehbaz Sharif held a meeting with Saudi Crown Prince Mohammed bin Salman bin Abdul Aziz on the sidelines of the ‘One Water Summit’ in Riyadh.
During the meeting, both sides agreed to bring about a qualitative change in their economic, trade and investment relationship.
Both the leaders expressed satisfaction at the pace of progress of the implementation of the Saudi MoUs and agreements regarding investment in Pakistan.
Prime Minister Shehbaz Sharif thanked the Crown Prince for his most genuine affection for the people of Pakistan. He reiterated his invitation to the Crown Prince to visit Pakistan at his earliest convenience. The Crown Prince responded that he was looking forward to his visit to Pakistan.
In his remarks, the Saudi Crown Prince stressed that it’s important to ensure that Pakistan and Saudi Arabia enhanced meaningful cooperation that would bring about economic growth and prosperity in Pakistan.
The Crown Prince spoke of his great pleasure at meeting the Pakistani prime minister for the fifth time over the past six months. He said this was the evidence of the genuine love and affection that connect the peoples of the two countries.
